aibioPelthos changes auditor and sets out separation terms for former CFO
Tickers PTHS
Pelthos dismissed CBIZ CPAs P.C. and engaged Grant Thornton LLP for 2026. The filing names Francis Knuettel II, whose separation agreement provides 12 months of base salary, or $430,000.00.
Key facts
- Company
- Pelthos Therapeutics Inc. (AMEX: PTHS)
- News type
- Company Updates
- Primary source
- Pelthos Therapeutics Form 8-K
Pelthos Therapeutics Inc. (NYSE American: PTHS) reported two changes in a Form 8-K with a date of report of May 15, 2026, filed May 21, 2026. The Audit Committee of the board approved the dismissal of CBIZ CPAs P.C. as the company's independent registered public accounting firm on May 16, 2026, and the company informed CBIZ of the dismissal on May 18, 2026. Also on May 16, the committee approved the engagement of Grant Thornton LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2026, and related interim periods.
The auditor change
CBIZ acquired the attest business of Marcum LLP effective November 1, 2024. Marcum had audited the company's consolidated financial statements for the year ended December 31, 2024. The audit report of CBIZ on the consolidated financial statements for the year ended December 31, 2025 did not contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles.
The company says that during 2025, 2024 and the interim period through May 18, 2026, there were no disagreements with CBIZ on any matter of accounting principles, financial statement disclosure or auditing scope, and no reportable events as defined in SEC rules. The company gave CBIZ a copy of the 8-K before filing and asked for a letter addressed to the SEC. CBIZ's letter, dated May 18, 2026, is filed as Exhibit 16.1. The company also says that neither it nor anyone on its behalf consulted Grant Thornton regarding the application of accounting principles to a specified transaction, or on any reportable matter, during the periods covered.
The former chief financial officer
The board terminated Francis Knuettel II as Chief Financial Officer, Treasurer and Secretary effective April 10, 2026, and his employment agreement ended on that date. The filing names Mr. Knuettel as the former officer, and says that on May 15, 2026 the company entered into a Separation and Release Agreement with him to clarify the terms of his separation.
Under the agreement, the company will pay earned but unpaid compensation through the separation date and reimburse outstanding business expenses under its policies. It will pay separation pay equal to twelve months of base salary at the rate in effect on the separation date, or $430,000.00. The company will also accelerate the vesting of options and restricted stock units, so that each award vests for the portion that would have vested in the twelve months after the separation date.
The agreement includes a general release of claims in favor of the company, confidentiality, non-disparagement and cooperation obligations. Mr. Knuettel has seven days from the execution date to revoke it, and the company's separation obligations become effective when the revocation period ends without revocation. The full agreement is filed as Exhibit 10.1. The filing is signed by John M. Gay, Chief Financial Officer.
Background on the company
Pelthos describes itself as a bio-pharmaceutical company with three FDA-approved products: ZELSUVMI, XEPI and XEGLYZE. Its annual report filed March 19, 2026 says the company's ZELSUVMI product was launched in July 2025 for molluscum contagiosum. In January 2026 the company entered a senior secured term loan facility of up to $50.0 million with Horizon Technology Finance Corporation, and it borrowed $30.0 million on January 12, 2026.
The XBRL data show revenue of $16.8 million for 2025, compared with $0 for 2024, and a net loss of $43.3 million for 2025, compared with $8.0 million for 2024. Revenue is well below the loss. The filing gives no reason for dismissing either the chief financial officer or the auditor, and does not say whether the auditor change or the separation affects those reported figures. The chief financial officer was dismissed on April 10 and the auditor on May 16. The company says it had no disagreements with CBIZ and no reportable events. The separation costs $430,000.00 in pay plus accelerated vesting, at a company that lost $43.3 million in 2025.